Kandy Investor - Invest in Central Province Sri Lanka

Time to complete:

2 days

Cost to complete:

LKR 265

Comment:

The reservation is valid for a period of 3 months.

Time to complete:

5 days

Cost to complete:

no charge

Comment:

Registrar makes his observations on the draft which draft must be submitted with the documents to incorporate the company.
The procedure takes from 2 to 7 days.

Time to complete:

3 days

Cost to complete:

LKR 1000

Comment:

Table A of the Companies Act No. 17 of 1982 of Sri Lanka contains a standard set of Articles of Association which can be adopted as the Articles of Association of a company. Articles of Association can also be drafted. Professional charges are higher for drafting new Articles of Association than adopting the standard Articles of Association contained in Table A.
A notary public must witness the signature of each signatory and affix his seal on the Memorandum and Articles of the company. FourTwo copies of each are required.
The procedure takes from 1 to 5 days.

Time to complete:

2 days

Cost to complete:

depending on the amount of the authorized capital

Comment:

The following forms are filed:
a). Form 5 -Statutory declaration.
b) Form 36 A -Notice of the intended situation of the registered office.
c) Form 46 A-Consent to act as the first Director/Directors/Secretary.
d) Form 47 -A list of persons who have consented to be Directors.
The registration fees are Rs 3,250 if nominal capital <= 250,000, Rs. 365 for each 50,000 up to Rs. 500,000, and Rs. 190 for each 50K up to Rs. 1,000,000. Additionally, Rs.540 is payable for the registration of Companies Forms (Rs. 135 per form) and a further Rs. 205 for the registration of Articles. Stamps have to be affixed to the M&A - the value of these is under US$ 1,. The Certificate of Incorporation will be received within approximately three days.
The procedure takes from 1 to 3 days.

Time to complete:

3 days

Cost to complete:

LKR 800-1200

Comment:

Time to complete:

3 days

Cost to complete:

LKR 270 (135 each)

Comment:

The Registrar of Companies requires that Companies Forms 36 (Notice of the actual situation of the Reregistered office) and 48 (Particulars of the company's Directors and of its Secretary) are filed by the Company after the Certificate of Incorporation has been received.
The procedure takes from 2 to 4 days.

Time to complete:

2 days

Cost to complete:

no charge

Comment:

Applicant has to be physically present at the Inland Revenue Department to pick up and fill in the form. TIN number and VAT registration number (temporary) can be obtained within one day. To obtain permanent VAT registration, applicant has to submit documents proving turnover of Rs. 500,000 for the consequent 3 months. This is done along with income tax registration.
The procedure takes from 1 to 3 days.

Time to complete:

1 day to file and more than one month for the ETF and EPF numbers to be issued

Cost to complete:

no charge

Comment:

Companies need to register for two funds: Employees Provident fund and Employees Trust Fund. Both are government owned and maintained by the Central Bank. Procedure: Visit the office of the Ministry of Labor and fill in the forms. Companies are also liable to pay Gratuity to employees that have been in employment for a period in excess of five years. The provisions relating to Gratuity do not apply to companies that have less than 15 employees. There is no pension scheme for people in the private sector. Businesses of dangerous nature should get special Factories Ordinance check ups.
The ETF and EPF numbers may take some time to be issued - sometimes as much as 4-6 months. However, a number is allocated to the company at the time the applications are made and accordingly, the company has fulfilled its obligation and may remit monies to the Department in respect of ETF and EPF with reference to the allocated number.